Nike Quietly Sells RTFKT After NFT Studio Shutdown
Nike has reportedly sold its acquired NFT studio, RTFKT, months after shutting down its operations.Summary
Footwear giant Nike has reportedly sold its digital collectibles studio, RTFKT, which it acquired in December 2021 during the NFT boom. The transaction allegedly occurred in December, though neither the buyer nor the financial details have been disclosed publicly. This quiet exit follows Nike's announcement earlier in the year that it was shutting down RTFKT’s operations, which led to a class-action lawsuit from investors alleging a "rug pull" that wiped out the value of their digital assets. Nike has only confirmed the sale marked a "new chapter" for RTFKT, while stating it continues to invest in digital experiences through gaming partnerships. The sale signals the end of one of the most high-profile corporate NFT experiments, occurring amid a sharply contracting NFT market where trading volumes and market capitalization have significantly declined since their 2021 peaks.
(Source：Cointelegraph)